Potomac Tech Wire - Sept. 5
o Arlington-based EarthOptics Merges With Pattern Ag
o Tysons-based Cvent Acquires Splash
o Blue Delta Invests $25 Million in Arlington-based ITC Federal
o DC-based Demex Group Raises $10.25 Million
o NexTech Solutions Acquires Virginia-based Nomad
o George Mason Names Inaugural Chief AI Officer
o Briefly Noted: DNSFilter, RXNT
Arlington-based EarthOptics Merges With Pattern Ag
Arlington, Va. – In a combination of two startups focused on soil health for agriculture, EarthOptics, an Arlington-based startup developing advanced technology for analyzing soil, announced that it will merge with California-based Pattern Ag, a startup using advanced technology to aid farmers. Financial terms of the deal were not disclosed. In 2023, EarthOptics raised $27.6 million in a Series B round.
“This merger will give farmers the most comprehensive snapshot of the soil under their feet,” said Lars Dyrud, the CEO of EarthOptics, who will serve as CEO of the merged companies. “Historically, soil measurement insights have been limited in scope and imprecise. We now have the technology to tell farmers what’s in their soil with a high level of precision, and with the addition of Pattern analytics, we can offer them insights into what to plant and how to manage their most impactful decisions throughout the growing season.”
Tysons-based Cvent Acquires New York-based Splash
Tysons, Va. – Cvent, the Tysons-based event technology company, announced that it has acquired New York-based Splash, a marketing technology company for events. Financial terms were not disclosed. Spash is used by event organizers to manage their events. "The technology-driven convergence of marketing and events is an exciting growth opportunity,” said Reggie Aggarwal, CEO and founder of Cvent. “Pairing Splash’s expertise in field marketing events with our robust event and marketing platform further strengthens our ability to empower marketers to create and execute on-brand, high-impact event programs that deliver real results.”
Blue Delta Invests $25 Million in Arlington-based ITC Federal
Arlington, Va. – Blue Delta, the Tysons-based venture capital firm focused on the federal government services sector, announced that it has made a $25 million investment in Arlington-based ITC Federal, a provider of technology and IT to the federal government. The firms said the investment will be used for strategic tuck-in acquisitions. “ITC Federal has built an impressive reputation for delivering mission-critical solutions to law enforcement and national security customers in the federal government,” said Phil Nolan, general partner at Blue Delta Capital Partners.
DC-based Demex Group Raises $10.25 Million in Funding Rounds
Washington, DC – The Demex Group, a DC-based risk analytics and intelligence company for the insurance industry, announced that it has raised $10.25 million in a Series A round and SAFE funding round. The funding was led by Congruent Ventures with participation from Moxxie Ventures, MetaProp and Blue Bear Capital. The Demex Group works with reinsurance brokers and companies to protect losses from severe weather events such as tornadoes, thunderstorms and hail.
"Growing losses from these storms are a critical problem for the insurance industry – challenging insurance companies' annual earnings and balance sheet surpluses. We're grateful to have investors who bring climate perspective, technology capabilities, a property mindset, and insurance experience to Demex," said Bill Clark, the president and CEO of Demex.
NexTech Solutions Acquires Virginia-based Nomad Solutions
Gainesville, Va. – NexTech Solutions, a Florida-based provider of technology to the government, announced that it has acquired Gainesville, Va.-based Nomad Solutions, an IT provider of data and communications services to the government. The financial terms of the deal were not disclosed. NexTech Solutions said the acquisition will expand its clients outside of the Department of Defense and provide it with a greater presence in the DC area.
George Mason Names Inaugural Chief AI Officer
Fairfax, Va. – In a new position for the university, George Mason University has named Amarda Shehu as its first chief artificial intelligence officer (CAIO). Shehu is currently the associate vice president for research for the Institute for Digital Innovation (IDIA) and a professor in the Department of Computer Science in the College of Engineering and Computing.
“There is an institution-wide recognition of the centrality of AI to the future of knowledge creation, scientific discovery, creative expression, workforce development, and campus operations,” said Andre Marshall, vice president for research, innovation, and economic development at George Mason University. “By collaborating with other units to build an AI growth roadmap for the university, Dr. Shehu will be a transformative force in taking George Mason to the top of this field and partnering in the region to advance the Commonwealth of Virginia.”
Briefly Noted:
(Washington, DC) DNSFilter, a DC-based cybersecurity startup that has recently raised a funding round, has named Mike Okoth as its CFO and Chris Smith as its chief marketing officer. Okoth formerly held the position of CFO at Crownpeak, and Smith has recently worked at Delinea and Thycotic.
(Annapolis, Md.) RXNT, an Annapolis-based healthcare technology company, has named Beth Jarnecke as its new CFO. Jarnecke most recently served as vice president of finance at Chemring Sensors and Electronic Systems.